How can countries measure the well-being of their citizens?
When it comes to quality of life, what matters to you?
Has the standard of living become too big for average incomes? | 60 Minutes Australia
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.
Explore contextually related video stories in a new eye-catching way. Try Combster now!