This saying about the value of the family refers to a family of three generations.
“Grandchildren are the crown of the aged” is literally “the crown of old men [is] sons of sons.” In Hebrew this expression has a masculine form, but it may be made inclusive in translation, as in Revised Standard Version. In languages in which “Grandchildren” is either masculine or feminine but does not include both, it may be possible to use both terms. “Crown” translates the same word as used in 4.9. The sense here is “reward,” “honor,” or “pride.” “The aged” translates a masculine plural form meaning “old men” or “elders” but need not exclude females. We may translate this line as in Revised Standard Version, but some adjustment is often required to express the idea of “A is the crown of B.” Accordingly, Good News Translation has “Grandparents are proud of their grandchildren.” This form lends itself to a parallel construction in the second line. Some translations use a simile; for example, “Grandchildren are like a crown for their grandfathers.” We may also translate, for example, “Grandchildren bring honor to their grandparents.”
“And the glory of sons is their fathers”: This line speaks of sons who honor their fathers. “Glory”, which is parallel with “crown” in the first line, has about the same meaning as “crown”. Therefore, just as grandparents are proud of their grandchildren, in this line children are or should be proud of their parents.
Quoted with permission from Reyburn, William D. and Fry, Euan McG. A Handbook on Proverbs. (UBS Helps for Translators). New York: UBS, 2000. For this and other handbooks for translators see here .

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