I think there’s too much doom and gloom on this thread. I know 2nd Oxbridge humanities students (just finished 2nd year) with offers (already!) for training contracts with mid-tier London law firms, and looking to trade up to magic circle training contracts, with no paid work experience.
Also another with a Goldman summer internship without having any prior IB or paid work experience and now hoping/expecting for fast track to graduate entry recruitment.
And plenty more with a variety of internships, some properly paid and some more voluntary. None of them have done supermarket/call centre type jobs, but are building up relevant experience.
The students in this article - as many have pointed out - are just drifting and not really that bothered about it.
You do need focus and determination though which perhaps we didn’t need in our generation.