A new study finds that parents are forgoing life's necessities to pay for their kids back-to-school, with clothing and accessories being the top expense.

With the rising cost of living continuing to be a major issue for Americans across the country, it should come as no surprise that back-to-school spending looks to be a major expense leading up to the school year.

A new survey conducted by Qualtrics on behalf of Credit Karma surveyed more than 1,000 U.S. adults aged 18 and older and found that nearly 60 percent of parents with children under the age of 18 said that they will “spend more money on back-to-school shopping this year” versus previous years.

Notably, 60 percent of Gen Z parents and 56 percent of Millennial parents surveyed said they will sacrifice spending on their necessities such as groceries or bills to make sure their children have their school-year needs.

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