Consequences of High standard of Living

Standard of living is the degree of wealth and material comfort available to a person or community according to Google. In my opinion, high standard of living can have positive and negative effects. Having a high standard of living in the country, first the people will have things of a wide variety, better quality, but that is also dependant on whether the people have the ability to afford them. Even with the country having high standard of living, the families which cannot afford may suffer. Higher standard of living means that the amount that the people need to pay for is more thus the amount of income that they have may not be sufficient and thus need to find more jobs to maintain the standard of living. To add on, finding jobs is very difficult as they require qualifications and skills thus making their lives tougher. But this also have a positive effect on the people as they learn to spend money wisely, on what they need and not what they want. According to 'Today", Singapore is ranked the world's most expensive city for the 3rd year running as of 2016. This shows that Singapore also has a high cost of living which leads to high standard of living. But Singapore is still progressing very well despite having high standard of living shows that most Singaporeans could afford the expenses on daily necessities. In conclusion, I think that high cost of living has both positive and negative influence/effects.