In the African American community, financial goals are not just about increasing personal affluence or planning for a secure retirement. The survey found that African Americans are more likely than the general population to cite charitable donations as an important goal (68 percent vs. 55 percent), or to rate issues like educating children about debt avoidance and providing college tuition as very important to them.

When it comes to retirement readiness, the study found that only 2 in 10 African Americans believe that they are on track to meet their planning and savings goals for retirement, and nearly twice as many say they are way behind or haven't even started. In fact, the study found that 60 percent of African Americans surveyed have less than $50,000 in company retirement plans and only 23 percent have more than $100,000.

While most Americans expect company-sponsored retirement plans to be the primary source of retirement income, African Americans are slightly less likely than the general population to put money into these plans on a regular basis. And they are three times more likely to tap into their 401(k) or similar plans to meet immediate financial needs.

Additional study findings include:

• While 82 percent of African Americans believe maintaining their current lifestyle in retirement is critical, only one-third feel confident they will be able to accomplish this goal. In addition, 83 percent believe it's critical important to not become a financial burden on loved ones, but just 1 in 10 is confident that will happen.
• African Americans say their most important future financial needs include building wealth portfolios and retirement nest eggs as well as transferring wealth to their heirs.
• African American decision makers tend to be more independent learners when it comes to finances, relying on books, financial websites, financial seminars and conferences, and their employers for information. They also show a high interest in learning about financial issues through faith-based organizations.
• African American women are driving financial decisions in their households. Of the African American women surveyed, 72 percent indicated that they are the primary financial decision-makers in their households and do not share financial decision-making equally. This compares with 69 percent of African American men, and 54 percent of the general population.
• African Americans are nearly twice as likely to have a dream of starting a small business as those in the general population (35 percent vs. 19 percent), and view starting their own small business as a path to financial freedom. However, more than half of those with an interest in starting a small business say a lack of capital has been the primary hurdle to getting started.