Bridging the generation gap

I was watching an interview with Javed Akhtar (famous script writer and lyricist in India) yesterday. His views on generation gap left a lasting impression on me. He says "The gap exists because of a lack of respect. Both ways. Parents have to realize and accept that their children (younger people) do know something that they don't. Likewise, children need to understand that their parents know something that they don't. Once you realize this... you will feel the gap disappear." My version of the same would be "Parents, no matter how hard it is, have to realize inspite of their older age that the younger lot may know something that they don't. Children too, as have been rightly told for generations, need to understand that their parents know things that they don't. Once you realize this... you will feel the gap disappear. " Enlightening don't you think?