standard of life vs living standards

standard of life and living standards both are nouns.

Word	Noun	Adjective	Verb	Adverb
standard of life	Yes	No	No	No
living standards	Yes	No	No	No

As nouns, standard of life and living standards are synonyms defined as:

standard of life and living standards: a level of material comfort in terms of goods and services available to someone or some group

Other synonyms of standard of life include standard of living.

standard of life (noun)	living standards (noun)
a level of material comfort in terms of goods and services available to someone or some group	a level of material comfort in terms of goods and services available to someone or some group