Living a quality life is the desire of every individual, regardless of location, status or age. However, ‘quality’ is a relative term and measuring it will depend on many other factors including location, preference, status or age.
An undergraduate in one country could be economically better off than an employed masters degree holder in another country, based on situations in their various countries or regions of residence.
Quality of life (QOL), according to the World Health Organization (WHO) is “an individual’s perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns”.
Standard indicators of the quality of life may include wealth, employment, environment, physical and mental health, education, recreation and leisure time, social belonging, religious beliefs, safety, security and freedom, to mention a few. The term quality of life is inherently ambiguous, as it can refer both to the experience an individual has of his or her own life and to the living conditions in which individuals find themselves.
Quality of life is also highly subjective. One person may define quality of life according to wealth or satisfaction with life, whilst another person may define it in terms of capabilities (e.g., having the ability to live a good life in terms of emotional and physical well-being). A disabled person may report a high quality of life, whereas a healthy person who recently lost a job may report a low quality of life.
Quality of life should not be confused with standard of living, which refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Both can be flawed indicators because the factors can vary between people in the same geographic area or socioeconomic class.
Individuals can use both indices to determine their own status and have a picture of the quality of their living.
At FirstBank, whatever quality of life or standard of living our customer chooses, we have a service or product well suited for you.
Visit www.firstbanknigeria.com for more information.
Image Source: SHUTTERSTOCK