The Westminster Puritans asked in their shorter catechism:
“What is required in the Fifth Commandment?”
“The Fifth Commandment requireth the preserving the honour, and performing the duties, belonging to every one in their several places and relations, as superiors, inferiors, or equals.”
The proof text given for this answer is Ephesians 6:2-3
“HONOR YOUR FATHER AND MOTHER (which is the first commandment with a promise), SO THAT IT MAY BE WELL WITH YOU, AND THAT YOU MAY LIVE LONG ON THE EARTH.”
The apostle is stating and applying the fifth commandment (Exodus 20:12) in a letter to Christians; therefore, the fifth commandment is applicable in the lives of all Christians throughout all of time.
Adding to the proof text Ephesians 6:1, “Children, obey your parents in the Lord, for this is right.” There are four reasons given that children should honor their parents. First, it is the right thing to do. Second, it is commanded in the word of God. Third, it is in the best interest of the child. Fourth, there is a scriptural promise of a full life.
Honoring ones parents is good because in doing so, we are loving God, loving other people and loving ourselves. Matthew 22:37-39
And He said to him, “ ‘YOU SHALL LOVE THE LORD YOUR GOD WITH ALL YOUR HEART, AND WITH ALL YOUR SOUL, AND WITH ALL YOUR MIND.’ This is the great and foremost commandment. The second is like it, ‘YOU SHALL LOVE YOUR NEIGHBOR AS YOURSELF.’
Your Servant for Jesus’ Sake