Self-respect is a feeling of confidence and pride in your own ability and worth. It is about having the courage to stand up for yourself when you are being treated in a manner that is less than what you deserve. It is about knowing your worth and having the ability to adjust your life.
The reason self-respect is so important is that it is the gift we give ourselves when we become less motivated to please others in order to get their approval and more motivated to live a life of authenticity and personal integrity despite whatever anyone else thinks about us.
It is important for making mature decisions that impact your life and the lives of others connected to you.