If children put objects in their ears, they can get a conductive hearing loss that can last a long time.
With a conductive hearing loss, you may find listening laborious; you may find yourself asking people to repeat a lot; and you may get the unpleasant feeling of being an "outsider" in a social group, if not the "butt" of unkind social remarks.
The good news, of course, is that the wax can be removed, and when it is, hearing is as clear as it was before. What may have been gained is a new awareness of how wonderful and important this transducer is!
In a more worrisome vain, show me a two year old, and I will show you a person who has a life‰s goal to find and place objects in very body orifice. If it happens to be something like beans in the ears, we can get a significant hearing loss.
The problem here is that objects in the canal may not be easily noticed because of the zig zag shape of the canal. Nor would the child typically be able to verbalize what had happened.