University of the Third Age (U3A) programs in Australia and New Zealand were examined through data collected from 126 U3A groups in Australia and 20 in New Zealand. The 24,870 responses and 2,002 responses obtained in Australia and New Zealand, respectively, represented 76% and 77% of U3A group members in the two countries. Data were collected about the following: nature and extent of voluntary activities within individual U3A groups; management issues (finances, external support, and teaching); and the future of U3As. U3As were determined to be extremely effective adult education organizations in Australia and New Zealand. With no coordination assistance and little formal external support or funding, U3As have grown rapidly in both countries. A number of tentative links between the cognitive challenges and social networks provided by U3As and well-being were explored, and the monetary value of the U3A movement in Australia and New Zealand was estimated to exceed $4 million annually. (Contains 29 references. Appended are 16 charts for Australia and New Zealand and lists of the following: former occupations of principal office bearers; methods used to actively recruit members; and groups participating in the study; and study questionnaire.) (MN)