I Don't think I would wear a life jacket but here is a cautionary tale about breathable waders.     

A Timely Wake-Up Call   
Herb Spannagl
An unusually windy January offered few opportunities for us West Coasters to venture out wide looking for tuna.    Halfway through the month the wind eased for a day but the sea was still heaving with a 3- 4m swell.   After checking out the various Oracles my friends and I decided the conditions were manageable to head out into blue water.   We cleared the New Plymouth harbour and for the next three hours covered a lot of sea without finding fish.   The westerly kicked in just in time to inflate the sails for the homeward run.   When we approached the harbour the tide was in and big waves crashed right over the main breakwater and part of the port entrance, forcing us to circle wide before entering the port.    Confident that I was clear of the breakers I had kept the sail up and had left my trolling line out.   Suddenly the kayaker on my left yelled: ”Here is a good one”. I quickly looked over my shoulder but it was already too late.   Only metres behind me roared a monster wave with a menacing breaking top.   Before I could brace its steep face picked up my kayak’s stern at such a steep angle that the bow dug in and the kayak flipped.   Luckily I was still hanging onto the paddle when I came up.    The kayak was upside down and as I pulled it towards me on the paddle leash I could feel other lines trailing from the kayak.   The sail had collapsed, I could feel my rods hanging from their tethers and try as I might I could not flip the kayak the right way up.    Worse of all a strong outgoing current was dragging me back towards the breakers.    My two mates who had been slightly ahead realised my predicament and came back to assist.    Before we could do anything we had to get further into the port to get clear of the outward current.    I hung onto one kayak, while my other mate towed my kayak.    In calmer water and with a lot of combined effort we eventually righted my kayak.   As we were to discover later it was the amount of water trapped inside the insulated icebox that made the job so difficult.    

I normally have no trouble getting back onto the kayak but on that occasion I just could not launch myself far enough over the deck.    As I repeatedly slipped back I could feel the energy draining from my body.   Eventually I made it and as I did I realised why I had had so much trouble.   Each leg of my breathable waders contained a lot of water making it very difficult to pull myself up.   I still don’t know how I ended up kneeling in the foot wells and with my kayak tightly wedged between my mates’s kayaks I could not hang my legs over the side to roll back into my seat.   When I finally managed to plant my butt the water in my waders spread horizontally making me feel as if I were sitting in a shallow bathtub.   It was only after we got to the ramp that I realised just how much water was inside.    Before I could stand up I had to lie head down on the ramp to drain my waders.    I had worn these waders for a number of years and with a tight wading belt around my waist I had re-entered during several practice sessions without much water getting past the belt.   This and some Youtube clips had convinced me that stocking foot waders were safe.

I don’t mind admitting that the whole episode left me a bit rattled.   Eventually I calmed down enough to check over the damage.    One of the mast bases had broken, there was water in my “waterproof” radio bag yet the “Voyager” was still transmitting messages from the Coast Guard, my Lowrance sounder was still alive, my Olympus camera was wet but still working and both my rods were there too. Amazingly I had only lost the lure and a fair chunk of my pride.    As they say it could have been worse, far worse, actually.

It took me a day or two to debrief this event.    I made a list of thirteen contributing factors, some of which I shall detail below.
1.     My first decision was to ditch the waders and buy a pair of buoyant neoprene kayak pants.   Another aid to re-entering is wearing buoyant Crocs type footwear, which with the neoprene pants keep the legs near the surface.   I had worn them without using the heel straps and they had simply floated off.    
2.     A few days later Martin Rook, who was one of my rescuers did a re-enter exercise in the shallows and to his great surprise found that the submerged sail was no great hindrance when flipping the kayak over.   Neither did he have any trouble folding it up beneath the kayak by first releasing the forward bungie.   The only problem he identified was that his personal tether was too short to reach the bow.   
3.     However, his biggest surprise was his difficulty to flip the kayak over with a half flooded icebox.   Following that revelation I resolved that in future I would not secure the icebox, making it easier to dump it in an emergency.
4.     With all the cords and fishing lines hanging from the kayak I exchanged my folding knife I carry inside my PFD for a more accessible divers knife that can be strapped to my leg.
5.     Maybe it is my middle age spread but during my swim my tight fitting PFD floated up leaving me somewhat suspended.    I have now built in a crotch strap, which I can tighten keeping the PFD where it should be.    The strap does not pinch when I am sitting down.   
6.     Learning how water in the icebox impeded righting I had a good look at my hatches making sure they are waterproof.    I am happy with the seals on both my forward hatch cover and the centre well lid, which I now keep closed and strapped down at all times.
7.     For a long time one of my pet hates has been the thoughtless protrusions on the gunnels near the seat, such as saddles, brass clips, hooks and buttons as well as some handles, which are perfectly located to catch on a wet suit or PFD during re-entry.   Some PFDs have chest straps and pockets that also catch on the above fixtures as the kayaker pulls him or herself over the gunnels.   I noticed one of my pocket zip closures was missing and must have got ripped off during my attempts to get back on board.   Lets face it re-entry is hard enough without having to try slithering over ill placed obstacles.   PFD chest pockets are very handy for all manner of cargo but the downside is that this added bulk also hampers re-entry.
8.     With a sail, paddle and rod leashes there are numerous cords floating around or hanging down in a capsize.    What item is attached to which cord can be quite confusing, especially when some cords are tangled with others.   One idea is to use different coloured cords for quick identification.   

My mishap made me realise how easy it is to become complacent.    In a somewhat perverse way I am glad this incident happened because it has forced me to look hard and to look close.    When I consider the above list this has been a timely safety wake-up call.    I wonder how many others have confronted an honest personal safety check?

While I had a hard look at the use of breathable waders for kayak fishing I also remembered that I had only last year “upgraded” from buoyant neoprenes to non-buoyant breathables for winter fly fishing on the Tongariro.   Years ago we tested neoprenes by jumping into a local river and even when we filled them with water they remained buoyant.   This has been born out by a number of unfortunate anglers who have survived floating down several Tongariro rapids.    Much has been made of the need to wear a wading belt with breathables to stop water entering.    However, my experience has shown that this is an illusion.   The wading belt is around one’s waist, which leaves a loose bib that extends right under the armpits.    This bib acts like a funnel if the floater tries to stand up, hang onto a rock or even tries to swim against or across the current.   Once water is trapped in the bib current or gravity can force it past the belt into the lower part of the waders.   I am sure my repeated attempts to get up onto the kayak funnelled much of the water down my waders.

The realisation that breathables can so easily turn into a death trap has made me doubly cautious when wading over the boulder-strewn bed of the Tongariro.    No more crossings where the wading stick starts to vibrate, the knees begin to shake like an old fashioned sewing machine and the inevitable question: “Is this going to be it?” forces itself on one’s mind.   Much as I love the outdoors this little “What if” reflection has been good for me.    It is also time well spent for all with a passion for the Wild.     

Just about killed myself wading at Otamangakau a few times sinking into that quick-mud! Been thinking about using my inflatable pfd there next time for this very reason!... As a side, if you ever find yourself sinking in mud.. kneel and shuffle along on your knees, spreads the surface area and makes a huge difference.

Agree with Rainbow on neoprene vs breathables, neoprene waders are great for floating feet up! Taken far too many swims over the years to know this!

I am fairly conservative when wading alone , unwritten rule of not going over knee deep . Allow a little more in slow waters with firm bottom. But even shallow water knee deep or less is hazardous when fast flowing and slippery rocky bottom. My best insurance for this is a folding wading staff attached to a lanyard in holster on belt. Using in upstream hand . Having this always at hand rather than relying on a stick you may not have when commited halfway through a crossing that gets dodgy.

I imagine you could cut one end off Bazza , should be fairly long but.

I've done more than my share of silly bugger antics wearing waders. The most unnerving is when you're standing in the middle of a swift run and when you pause the freestone river bed starts moving under your feet. It definitely scares me straight, for a while. Never considered a lifejacket before either. You know if Simms bought out a stylish camo gortex one most people would go buy it, especially if it had the word "Guide" written on it, although that would automatically make it three times the price.     

When I fish in the Waitaki i always throw on a manual blow up life jacket. After 10 minutes wearing don't even know it's on. Never had to use it but if I ever do need it,it's not sitting in the boat . It is reasonably common for the Waitaki due to its fast flow. I'm now in the habit so generally through it on. Can't see why you wouldn't now. Too many good memories to make for me not to wear one.

http://www.torpedo7.co.nz/products/2RLJINNCA/title/rfd-catalyst-inflatable-lifejacket---adult

Reminds me, of about 5 years ago - arrived from upstream at the pool below where Pouto stream comes into the Tongariro. After fruitless fishing of the wrong side of Pouto run, I eyed Waddells run. Wanted to get over the other side, so I found a strong and long stick, and walked into the bottom of the pool. It got deeper and deeper - when I was at the point of no-return (if I had tried to turn I would have arsed over), the water was about 15cm below the top of the waders (neoprene). I got so buoyant, it felt like I imagine walking on the moon. Just a fluke I didn't go over, and fish Waddells run a lot faster than I planned!