Hi there! Yes, it is correct to say that people "lose respect" for something. In this case, it would be "the present generation has lost respect for elderly people". (Rather than saying "for THE elderly people".) I hope this helps! Let me know if you have any other questions. Savannah

Yes, I just want to second what Savannah has said. As this is 'elderly people' in general, we don't use the definite article. However, 'to lose respect' is correct.

You could also change "lost respect for the elderly people" to"lost respect for the elderly" or "lost respect for their elders"

To amplify further on the great answers already given... When we use the definitive article here (i.e., the elderly people), we are taking about a specific group of people. Context may provide more details on *which* group of elderly people, or the sentence may provide that context, e.g. "the elderly people in this building".