Whether older members share their opinion is key. If the older members are not given opportunities to give their opinions as any other member then their slant on how things should go with that society will be lost forever.
Yes, it depends on the societal milieu and their mindsets. I come from a country (India) which is known for its rich and conservative cultures and traditions and we highly respect our ancestors and their sayings. We actually keep them as "Twes/Ta'wiz" as most of the sayings of our older generations are wise and true.
We consider their maxims as the best treasure any younger one would ever get as their experiences teach us what is right and what is wrong.