Ps 78:6 That the generation to come might know them, even the children which should be born; who should arise and declare them to their children:
:7 That they might set their hope in God, and not forget the works of God, but keep His commandments.
It has always been important to me that my children hide scripture in their heart. I teach them very young how to use a concordance. That way if they can remember one or two words they are able to find the verse easily. My concordance after all these years from so much use is held together on the spine with duct tape lol.
I have a difficult time remembering references, but can memorize the word easily. It is important to have the word in your heart so that when you find yourself in many different situations, even if a bible is not close at hand, you can draw on the word of God for what is needed in that moment of time.
I try to memorize at least one verse a month. Now just memorizing it is good, but digging deep and learning what is meant by the verse is better. That is why we study slowly and memorize it slowly. The scriptures mean so much more to me when I spend the time to dig deeper.