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University students who graduated this summer "have never had it so bad", it has been reported.

According to the Times, students are leaving university with unprecedented levels of debt and are finding it increasingly difficult to find jobs as companies cut back on graduate recruitment during the credit crunch.

The paper states that rather than taking their first steps into a new careers, graduates are "moving back in with their parents" and accruing interest on their student loans.

Richard Wainwright, the Confederation of British Industry's head of education and skills policy, told the news provider: "Just having a good degree isn't good enough anymore."

"Clearly the job market is going to get more competitive. A lot of firms have put recruitment freezes in place," he added.

However, one recruitment expert has claimed that there will never be a shortage of banking sector jobs in the UK, despite the ongoing economic crisis.

Teresa Thorrington, national director of Hays Senior Finance, said some sectors, including banking, are more robust than others and there are still enough jobs to go around.

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