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Living Standards Measure

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Best measure of Standards of Living

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How can countries measure the well-being of their citizens?

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When it comes to quality of life, what matters to you?

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Has the standard of living become too big for average incomes? | 60 Minutes Australia

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Quality of Life vs. Standard of Living

The Living Standards Measure or LSM is a marketing and research tool used in South Africa to classify standard of living and disposable income. It segments the population into ten deciles based on their relative means, with LSM 1 being the decile with the least means and 10 being the decile with the greatest means. It does this by ranking people based on ownership of the components of a standard basket of goods. For instance, those people who owned a television set would rank higher in the LSM than those who did not.
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