The Earth's magnetic field is most evident by the fact that a magnetic compass points towards Earth's magnetic north. It also shields us from most of the stream of charged plasma called the solar wind, that is constantly emitted by the sun. It also shields us from most of affects of the magnetic storms produced by coronal mass ejections. The interaction of these storms with the Earth's magnetic field produces the aurora borealis. The simple fact is that life as we know would not be possible without the Earth's magnetic field. Now some types of bacteria would survive but not much more.
Observations have been mad of the strength of the Earth's magnetic field, over the last 150 years. Based on these observations Dr. Thomas Barnes determined that the Earth's magnetic field is decaying. This fact has implications for the age of the Earth because if the decay is projected back 20,000 years, the heat produced by the electric current that generates the Earth's magnetic field would have liquefied the Earth. Naturally this would make Life impossible.
Evolutionists have proposed a solution to this problem called the dynamo theory. The idea is that the current is generated by a self sustaining dynamo, powered by the planet's spin. The result is complex currents in the planets core that causes the field to fluctuate from time to time, and reversing itself about every 500 - 700 thousand years .
Experiments have been performed to try to reproduce such a dynamo. The Madison Dynamo Experiments from University of Wisconsin Madison, first experimented using water in a sphere trying to mimic the flows of the alleged dynamo. The water was set in motion by counter rotating propellers.
The next set of experiments uses a large stainless steel sphere. It is expected to demonstrate how molten iron uses the planet's rotation, to generate the self perpetuating magnetic field. The sphere is filled with 200 gallons of molten sodium and has propellers spinning in opposite directions, in an effort to recreate the same kinds of flows thought to exist at the Earth's outer core. No results have been reported yet.
Even if they generate a self perpetuating magnetic field, it would have been jump started by the Earth's or some other external magnetic field. No known magnetic field would have existed when the Solar System is alleged to have formed. Also these experiments do not reproduce condition of the Earth's outer core, in terms of pressures, temperatures, and electrical resistance. Finally the Earth does not have counter rotating propellers
Now it is claimed that there is evidence for past reversals. It consists of variations in the magnetism of rocks, on both sides of the mid oceanic ridges. Now some claim that these are not actual reveals, but I have yet to find confirmation of this. The theory is that sense as lava cools, the magnetic fields of the atoms align with the Earth's field, that as the sea floor spreads a record of Earth's past field preserved.
From: Magnetic
Stripes revisited
This the way the theory is illustrated. The dark areas with present magnetic field direction and light areas reverse magnetic field direction. It shows these nice neat strips across the ocean floor, as produced by the theory.

From: Magnetic
Stripes revisited
In Reality the pattern is not so neat and regular, the tendency is for the positive and negative areas to be mixed up and this is the case all over the world. It gets worse when you look vertically. Note that it is not neat and regular. The tendency is for the positive and negative to be mixed up. Actual data seem to be inconsistent with uniformitarian theory, but is consistent with:
There are other problems with the dynamo that theory include:

Dynamic Decay Theory developed by Dr. Russell Humphreys; a scientist with the Institute for Creation Research; uses an alignment of the magnetic fields of the planet's molecules, to jump start the planets magnetic field. Along with fluctuations and possibly even reversals during and shortly after the Flood. Projecting back in time based on magnetic field energy, gives a maximum age for the Earth of 8,700 years. The Fluctuations would drain field energy, so depending on the degree of fluctuation, they could reduce the age of the Earth to 6,000.
This is supported buy archeological magnetic data. Before 4000 years ago there is evidence of significant magnetic field fluctuations, and it is consistent with a date for the flood of 2400 - 3600 BC.
Dynamic Decay Theory explains:
The strength for the magnetic fields of Uranus, Neptune, and the 4 large moons of Jupiter; all fall with in the range predicted by Dynamic Decay Theory. In fact the magnetic fields of all planets and moons are below the maximum predicted by Dynamic Decay Theory.
The Earths Magnetic Field is Still Losing Energy
The result is that the best model for the Earth's magnetic field and observed data on the Earth's magnetic field, place the age of Earth at 6,000 - 8,700 years.
The Creation of Planetary Magnetic Fields
The Earths Magnetic Field is Still Losing Energy