I did a substantial amount of volunteer work in my youth. I'm considering it as an option now that it's looking like I may not be taking a job in the near future.
One of my volunteering positions as a lad lead to work at a youth centre, which in turn lead to my job as a climbing instructor. It was honestly the best job I've ever had in terms of fun/satisfaction. Granted it has little to do with what I'm doing today, but at the same time I'm not opposed to going that route to get back into the job market when the time comes.
Volunteering can be viewed as serving two functions. On the one hand, it's a donation; instead of donating money, you're donating your time. This may be of equal or greater value to the receiving organization. Quite apart from that, volunteer work and internships are the number one way to network with people in a specific field. It allows you to get to know folks in a professional environment and put your name out.
To be perfectly blunt, your friends are fools. Perhaps once you've landed the job you want they'll see the value; on the other hand, a sense of entitlement is a hard thing to shake.
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I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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