A new GOBankingRates study finds most Americans think back-to-school shoppers are spending way too much money.

Though the National Retail Federation's 2014 Back-to-School Survey found the average family expects to spend nearly $670 on attire, supplies and electronics, 84.3 percent of GOBankingRates poll respondents said that a "reasonable" budget for back-to-school shopping is actually under $500. Further, 52.6 percent of all respondents said a budget should be less than $200.

"Each year, back-to-school lists seem to grow longer and more expensive, as syllabi increasingly require electronics alongside notebooks and pens," said Jennifer Calonia, senior editor of GOBankingRates and lead reporter for the poll. "Parents want to give their children the latest and greatest, but it's not reasonable to spend $600 on your fourth grader's back-to-school costs."

Additional findings:

• Only 15.6 percent of Americans think a reasonable back-to-school budget is more than $500.
• Survey responses didn't vary greatly by gender, but women generally tend to think a smaller budget is more reasonable.
• Those making $100,000 or more are the most likely (91.2 percent) to have a budget under $500.