Cotton is generally a bad material to wear in a survival situation. It's cheap, it breaths well and it feels great. But when you get sweat in the cold, it'll absorb that moisture and you'll pay for it when the temperature drops.
But what about in the heat?
When I go camping in the desert I usually wear a moisture wicking undershirt, as well as a synthetic shell shirt during the day, and then switch to thermal underwear at night. This of course depends on the temperature. The key here is that both shirts (the hot weather shirt and the thermal shirt) are constructed out of moisture wicking materials.
