Some people claim that you shouldn't squat lower than parallel, that this will damage your joints, rather than strengthen them. However, two thirds of the world's population – in Asia and other continents - spend 16 hours a day in the low squat position, and are stronger and more flexible than most westerners.
The benefits of squatting are manifold. Not only does it build up your strength, improve your core, and work your cardio, it also can do wonders for your mobility and joint strength. Even just a few sets of squats when you wake up in the morning can do wonders for your little morning aches and pains. So take the squat on board, and you will see serious benefit in your day to day life.