With new registrants unable to find work, is this still a career for life?

When I trained, nursing was a job for life, but alas, it seems this is no longer the case. As nursing students we worked our socks off and knew if we gained enough knowledge and experience it would stand us in good stead for a long and fulfilling career. So I was staggered to hear some newly registered nurses are unable to get jobs and seeking employment as baristas or in retail.