The article analyzes and compares existing approaches to the interpretation and defining content of categories that characterize life satisfaction, such as «quality of life», «standard of life» in order to differentiate them, identify essential foundations and differences. The indicators of quality and standard of living are systematized and classified. The emphasis is made on identifying urgent problems in determining the quality of life. Welfare assessment methodologies are critically reviewed. The author makes conclusion about the need for a subjective approach to the assessment of the concept of the level and quality of life in Kyrgyzstan.