Quality of Life - How happy and content you are.
Standard of Living - How wealthy you are.
If you have a great pay you are said to have a good 'Standard of living' as well as this if you are happy with your job and spend time doing what you want then you also have a good 'Quality of life'.
For example:
Rhys spends 11 hours a day earning £150,000 pa, an astonishing salary (more than the Prime minister) but Rhys has 2 kids and a wife and doesn't see them in the week at all. Because of this he isn't happy with his job, he needs more time to spend time with his family.
Rhys has a great 'Standard of living' but because he spends so long at work he has a poor 'Quality of life'.
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