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Apr 19, 2017 06:23 AM EDT

Financial management is one of the most important skills that college students should learn. However, some universities and colleges appear to be lacking in equipping their students with this knowledge.

It was previously reported that millennials are earning much lower salaries than baby boomers when they were at the same age. Education did help slightly boost a millennial's income but not as much and the younger generation only has half the net worth of the previous generation.

In a post for USA Today College, Allison Beacham, a graduate of Miami University, shared the reason why she wished Money 101 or financial management was a required college class. She talked about how she learned about financial literacy through self-study.

Beacham noted that money management was not a part of her formal education even though it was a vital part of adult life. She admitted that she was lucky her family took financial education at home seriously and, because of that, she and her roommates were able to handle their finances smoothly.

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Her other friends, though, were not as fortunate. Some almost got evicted mid-semester because they did not sit down and plan out how to pay the rent. Others also spent more money at bars rather than on books.

She explained that this behavior, which she described as disastrous, could have been avoided. The Miami University graduate suggested that taking a moment to talk about basic financial management during freshman orientation would have been helpful.

Moreover, a personal finance elective would have drawn interest. Even better would be a required money education class, similar to alcohol education.

So far, the only finance class available at Miami University required non-business majors to get a prerequisite course and a special request from their dean. It was also a difficult class since it was intended to separate those who had the potential to pursue a career in finance from those who don't have the potential.

There are also a lot of online resources that students can read through for self-study. By managing their finance well, they can make sure that they are able to save money and have a social life at the same time as well as to build a good credit record.

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