Amid growing concerns about a slowing economic recovery, middle-class Americans are struggling to shore up their family finances.

The First Command Financial Behaviors Index® reveals consumers put an average of $1,059 into short- and long-term savings in June, down from a year-to-date high of $1,469 in January. It was the lowest monthly total since October 2009, when short- and long-term savings averaged $957.

Americans are continuing to focus on reducing debt, a promising trend identified in the first quarter Index report. Consumers paid an average of $2,234 on short- and long-term debt vehicles in June, up 10 percent from $2,033 in May. But these debt reduction efforts have not been enough to offset the precipitous drop in monthly savings. The Index reveals that the percentage of Americans with a positive savings-to-debt ratio – total savings compared to total debt – fell to 39 percent in June, down five points from a record-high of 44 percent in the first quarter.

“American families are struggling to improve their finances as the possibility of entering a double-dip recession becomes more credible,” said Scott Spiker, CEO of First Command Financial Services, Inc. “The intensifying focus on debt reduction suggests that consumers are clearing the decks of their financial lives in preparation for what could be a slower-than-expected economic recovery.”

Looking ahead, Americans have signaled renewed intentions to shore up their savings as well as continue their debt reduction behaviors. From May to June, the Index logged a 13-point rise in the predictive Intentions sub-index, which focuses on future plans. This data suggests that consumers expect to increase the amount they put toward savings and debt in the coming months.

“The good news is that consumers are becoming more creative in finding ways to save money,” Spiker said. “Cooking at home more often, cutting spending on junk food, vacationing closer to home – Americans are turning frugal living into a way of life.”