'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'