@donasmrs-- That's a great question. I read an article about this recently and scientists are worried about the same thing. As of 2014, the Magnetic North Pole is moving hastily towards Siberia and apparently, it's also weakening. Scientists think that if the Magnetic North Pole keeps moving at the same pace and direction, there may eventually be a pole reversal. This is a very rare occurrence that only happens about once every 200,000 years. Of course, scientists don't know for sure that this will happen, but they're worried.
The other issue seems to be the weakening of the magnetic field. I didn't know this either but the article mentioned that the magnetic field protects us from radiation and it keeps the climate stable too. So a weak magnetic field can mean strange climate changes and more illness in the world.
So the consequences can be very serious. Based on what scientists are predicting right now, it doesn't look too bright. Let's just hope that the Magnetic North Pole makes a turn to where it was before and strengthens soon.