Standard of living is measured or determined by the level of health and general state of being care while quality of life is determined by the luxuries one's income can afford him/her .

Do you have all ten of your fingers? Do you have domestic tranquility? That's quality of living. Do you live under a bridge or in the White House? That's Standard of living.

'Quality of life' is distinct from 'money' or 'material comfort'. In fact, we use this expression only to talk about abstract ideas such as the degree of satisfaction experienced in everyday life, personal relationships, the quality of working life, social life, etc... 'The double-edged quality of life in a small town--security and boredom.' 'Standard of living' is the level of money and comfort that people have in their everyday lives: 'a high/low standard of living'

Just vice versa to the answer given by Naimisha Rani :)