Well, my daughter is 1 so sometimes she might wave.... lol
I am not old fashioned and do not think adults deserve more respect than anyone else just because they are older. I will teach her to say mister or miss to address adults and if for some reason she only knows an adults last name, that will work. But otherwise we all have a first name and a child can be polite and still use it.
I am not saying I will teach my daughter DISrespect, I will teach her to be polite and courteous and be so when asking a miss or mister their first name. It might be my age and immaturity speaking, but I would much, much rather be called by my first name than Ms. Lastname,