It depends on how people are. A few do while a few may not. Elders have experienced life much more than us and every piece of advice from them are golden words. They think about every possible situation we could be in and support us through every step of life. Since they guide us, we should respect them and cherish their presence.
If you'll ask me, then I respect my elders and it is a very good gesture and everyone should respect his/her elders and according to me you should too respect your younger ones as "If you'll give respect then you'll get respect".
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