Eighty percent of Americans surveyed say they are satisfied with their standard of living. (Courtesy Gallup Poll)

Gallup said its Standard of Living Index climbed to its highest point in May since the polling agency began surveying the issue in 2008.

The index rose to 47 from 44 in April. The level compares to 14 in October and November 2008 at the height of the Great Recession.

The index is a composite of respondents' answers to two questions: Are you satisfied with your current standard of living and is the standard of living getting better or worse.

Gallup said last month 80 percent of those polled indicated they were satisfied with their standard of living while 20 percent said they were dissatisfied, and 59 percent said the standard of living was improving while 26 percent said it was getting worse.

"Americans' improved views of their standard of living mirror their increased perceptions job creation, which also reached a new high in May. Furthermore, Americans' self-reported spending increased sharply last month, and their views of the economy's current and future health improved. The lingering question is whether these improvements will continue as the year progresses," Gallup said.

The survey was conducted by phone May 1-31 and queried 3,103 adults at least 18 years of age. The poll has a 2 percentage point sampling error and 95 percent confidence level.