What do you understand by standard of living how do you think it can be affected by savings and investment. For instance do you think an individual who is actively trying to save and invest can improve their standard of living SIGNIFICANTLY or even maintain the one they already have?
Would you advise an individual to try improve their standard of living as they save and invest since saving and investment is a continuous process?
Standard of living is a broad term. If we are discussing the importance of saving and investment, than its an important aspect for maintaining a high standar of life. At current time, I don't think any person involved in economic activity might not know about the need to save and invest. Even my dumb friend who knows nothing about stocks and claims it to be too intellectual for his mind operates a side business with his own investment. Everybody knows they need to have a savings in case of emergencies and a passive income source it things goes worse.
These days specially after COVID, more people are also investing in farmland as it would not make them go hungry even in the time when money would be worthless.