Outer space is a rather hostile environment, not only due to the absence of air and pressure or 270 ° C below 0, ultraviolet radiation and cosmic rays, among others, would end life on Earth in a breath.
To protect us from all this, planet Earth is endowed with a magnetic field that surrounds it and that, in addition to making compasses work, repels all these evil radiation.
Some researchers believe that the weakening is a sign that the Earth is heading towards a reversal of the poles, that is, that the magnetic north and south poles of the Earth are interchanged, which last happened 780,000 years ago.
Fortunately, it appears that, at the moment, this does not pose a danger to us at the surface level, but it could cause technical failures in the satellites and other ships that fly over the area in low Earth orbit.
I would not worry much because, in addition to the fact that normally in these cases there is nothing to do, when in astronomical matters something imminent is spoken it is a matter of thousands of years and by then, we will all be bald.
More information:
https://www.timesnownews.com/technology-science/article/earth-s-magnetic-field-weakening-what-does-it-mean-and-what-effect-will-it-have/596482
https://www.independent.co.uk/life-style/gadgets-and-tech/news/earth-magnetic-field-satellites-space-a9528571.html