Researchers have identified seven key components in ageing well.

With an ageing population, Australia is facing skyrocketing demand for aged care services, and new research is shedding light on the importance of social connectedness and a sense of purpose for healthy ageing.

Data collected from more than 700 people aged between 65 and 98 from around the country points to seven key factors that contribute to wellbeing later in life, challenging long-held views on longevity.

Dr Chloe Waddell, a psychologist who was the lead author of the research, told SBS News that the data reveals that social factors could be just as important to healthy ageing as a person's diet and exercise.

"As our population lives longer, it's important to understand how to support people in their later years. But there has long been a lack of consensus about what ageing well actually means," she said.