-
Source: ONE News -
Watch Video
More New Zealanders are turning their back on the great OE, as
the tradition becomes one of the casualties of the recession.
Up to 10,000 expatriates are expected to come home this year
because they are struggling to find jobs and make ends meet
overseas.
One of those returning is Kelvin Hitchins, who set off for his
London OE six months ago, which has now turned sour.
Kelvin's a carpenter but he has been laid off and now can't find work.
"You can get by, you can pay your rent, eat and survive and live but you can't go and travel," says Kelvin.
Over the years hundreds of thousands of young Kiwis have travelled to London, got a job, saved to travel around Europe and enjoyed the culture, so much so that it has become part of New Zealand's heritage.
But the recession means Britain is not the cash cow it once was for Kiwis on their OE.
Unemployment's predicted to pass three million, the cost of living is crippling and the banks are being bailed out.
And to make matters worse the pound has crashed against the Euro, 10 British pounds now only buys you 10 Euros, about half what it used to and that's the money you need if you want to travel in Europe.
New Zealand's in a recession too but so far it's better off than Britain.
Kelvin's flat used be a party house for Kiwis and Aussies in the UK but they've all gone home.
Westpac is predicting 10,000 expat Kiwis will return to New Zealand this year fleeing the global recession. And that may actually help the economy.
"There's going to be something of a cushion on the downturn thanks to people coming home so the housing market's not going to fall as much as otherwise it might have," says Dominick Stephens, economist at Westpac London.
Kelvin's already lined up a job in New Zealand. His OE's over but he has some advice for those who still want to come over.
"Come here with the money. Don't plan on working here. Give it a year or two you might be able to live and work here again," says Kelvin.
So those who need to work for a living might be better off leaving their backpack in the cupboard.
Latest NZ News Video
-
ONE News Minute 9am update: May 26 (1:00)
-
Kids cough up $14m for Government (1:50)
-
Education ministry 'barbaric' (1:55)
