I personally think it’s very important. One of the biggest problems with people quoting Scripture is not knowing where it’s at and then there’s no accountability. If no one can look it up, then who’s to say it was a correct quotation and used in the correct context? Additonally, how about all those quotes people make, attributing it to the BIble, yet it’s Benjamin Franklin?! I’m the same when it comes to quoting wise words from regular people; you should know who you’re quoting.
We are to study to be able to defend the faith and what better way to show our seriousness to a non-believer than to be able to open up the Scripture and show them so they can then study for themselves, ask questions and read the entire portion so that it makes sense. It would be bad for a person to quote The Word and then when asked by a seeker to show them where it’s at (they depend upon the person quoting help educate them), it would be a bad witness, IMO, for the quoter to be unable to direct the seeker to G-d’s Word; which is exactly where we want them to go, not to us and our stock of memorized verses, but His Word.
The Scripture verse alone is important, but I am intentional about having my children look it up to “see for themselves”, to make it their own faith. How frustrating would it be to have a verse rattling around in your head and you want to know where it’s at to read more for yourself to increase your own faith and you can’t find it.
Also, when they get older, knowing the location of a verse is helpful in Bible study and reinforcement of the consistancy of G-d’s Word. For example, since my son knew where a verse was in Matthew, he could make the connection from Deuteronomy and then turn right to it – it’s a mighty faith builder.
As long as one isn’t prideful about the knowledge of knowing the “where” then you don’t have the impressive factor involved. In fact, I’d say that it reduces pridefulness in memorizing Scripture if you can know where it’s at, too because then there’s the accountability I mentioned above. If my children say something from Scripture, I want them to show me and they are now in the habit of doing that when they here others quote Scripture too; they want to read it and the context for themselves-keeps them from being deceived too by someone else’s “paraphrasing” or stretched interpretation. They know that they can’t just spout verses without accountability.
Children as young as yours are old enough to remember the Book/Chap/verse without a doubt.
HTH,
Rachel