Unless you have a DC who has graduated last year or this year, you have no idea how difficult it is for graduates to get graduate jobs. It's a mixture of many things. University expansion, backlog from the COVID years, employers cutting schemes due to uncertainty in the world, national.insurance rises - it's easy to make cuts from your grad schemes and internships - favourable overseas visas ( the minimum salary for a visa is less for a new graduate or under 26 year old meaning even more competition for jobs.)
HR is outsourced. It can seem so random getting right through to interview or getting rejected 20 minutes after submitting your application at 10pm. Hours and hours are needed to prep for the application, multiple HR interviews, online tests, videos etc... and then if you're through to assessment centre it's another week of prep. I expect there are many today who work in high flying career roles who would also have struggled had they had to compete with such numbers and jump through so many hoops.
DD is lucky to have secured a graduate scheme a month after graduating and she spent the year applying to 70 roles. She's an A* student from a top 10 university with a STEM degree and a paid year in industry. You can have all the right credentials and you still need a hefty dose of luck. There were 2000 applicants for 7 roles. All her friends have jobs, luckily, but she can see on linkedin many of her cohort do not and they too are top students who did all the right things.
The Oxford grads in the article might represent the last of the cohorts that have been complacent. Unless they have their heads buried in the sand, upcoming graduates have to be aware of the shortages of graduate jobs and where you went to university won't open the doors it once did.
We can keep blaming young people but it's not helpful. There aren't enough graduate jobs, there aren't enough opportunities or jobs full stop for young people leaving school at 16 or 18. We'll end up with a lost generation or brain drain, where many of our brightest graduates go to work abroad.