Objective - The World Health Organization claims that in almost every nation, including Malaysia, the number of persons over 60 rises more quickly than in any other age group. A significant worry for health and quality of life is how to mature successfully and accept well-being. Considerable interest is also being shown in well-being-related topics. As a result, this study will look at the social variables, such as social networks, social support, and social activities, that can significantly boost elderly wellbeing. Methodology/Technique - Using purposive sampling techniques, 200 structured questionnaires were distributed to Malaysian seniors ages 60 and above. However, only 150 usable questionnaires were completed. This work examined the research model using partial least square structural equation modelling (PLS-SEM). Findings – The results show that social networks significantly influence elderly well-being. However, no significant correlations were discovered between social activities, social support, and elderly well-being. Furthermore, the research model explains 63.1% of the substantial variation in elderly well-being. This study used the social theory of aging to comprehend the social elements that affect the well-being of the elderly. Novelty - The health of Malaysia's senior population has long-term economic and social advantages, making this study crucial. As a result, it needs to be significantly upgraded and improved by putting applicable rules and standards in place. Type of Paper: Empirical JEL Classification: I38, J14. Keywords: Social networks; social support; social activities; well-being; elderly Reference to this paper should be made as follows: Fadzil, S.N.M; Osman, I; Ismail, S; Hashim, M.J.M; Khamis, M.R. (2022). The Effects of Social Factors on Elderly Well-being, J. Mgt. Mkt. Review, 7(3), 150 – 159. https://doi.org/10.35609/jmmr.2022.7.3(7)

In both developed and developing countries, the percentage of older adults in the overall population has increased significantly (Sun et al., 2011; Hadi et al., 2012). According to the United Nations' report (2019), one in every six people on the planet will be over 65 years old by 2050, up from one in every eleven in 2019. Malaysia's population is ageing, just like that of other countries around the world. The group of people aged 60 and up grows at a faster rate than the younger group (Hamid et al., 2021). Older adults, on the other hand, are more likely to be single and without children. In addition, there has been an increasing number of older adult’s experiencing the feelings of loneliness and social isolation as a result of changes in their life stages, such as retirement or age-related loss (e.g., the death of a spouse or friend), as well as declining health, and increased mobility limitations (Astrid et al., 2019; Nancy, Newall & Verena, 2019). As a result, there has been a surge in interest in subjective aspects of older adult quality of life, such as happiness, social satisfaction, and loneliness (Nancy et al., 2019; Child & Lawton, 2017). Keywords: Social relations; waqf fund; well-being; elderly; Malaysia

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As the world is undergoing a demographic revolution since 1950, life expectancy has increased by more than two decades, and the population has grown significantly. According to the World Health Organization (WHO), the population of individuals who are over the age of 60 is increasing faster than any other age groups in almost every country (Cromley, Maureen, Zachary, Pruchno, 2015). Malaysia had 2.2 million elderly people in 2019, and the figure is expected to rise to 3.6 million by 2030 (Ismail, 2017). According to statistics, the world, including Malaysia, will face the phenomenon of ageing which occurs when 7 percent of the population is 65 or older (WHO, 2017). Year after year, the population of the elderly grows at a rapid rate, leading towards the phenomenon of ageing (Amarya & Singh, 2018; Rahim, 2018; Hamid, 2018). This is due to a combination of factors such as increased longevity, lower fertility, and the ageing of the "baby boom" generation (Kemperman, Berg, Weijs, & Kevin, 2019). This increased longevity and quality of life in older adults presents a challenge to physical and mental health professionals working to help the growing elderly population live not only longer and healthier lives, but also better and happier lives (Kemperman et al., 2019). Keywords: Social relations; social care; social activities; well-being; elderly; Malaysia