“Be loyal to those who are loyal to you. And respect everyone, even your enemies and competition.”
It is very important for every individual to respect his/ her elders. It is also important to note that elders were not born elders they were kids like you and now grown up old. Few years hence you will also grow older.
If today you will respect your elders your present and future generations will carry those values and will learn to respect you as well when you will grow old.