As-salaamu `alaykum wa rahmatullaah
Indeed, reciting the Qur’aan and memorising it has benefits that cannot be counted so let us look around at these points of benefit so they can lead us and our children onto Hifdh al-Qur’aan (memorisation of Qur’aan).
People of Qur’aan are a people of Exalted Rank
The Noble Qur’aan is the Word of Allaah which is not approached by falsehood neither from before it nor from behind it, and whoever is blessed by Allaah to recite it all or memorise it all, then that is the highest objective, the lofty rank that necks stretch forth to attain.
Allaah lightens up the heart of the recitor with the noor (light) of Imaan and He protects him from the darkness of the Day of Judgement. He distances him away from unbearable difficulties, guides him to the straight path, expands his chest with it and He makes the angels supplicate for the bearer of Qur’aan with mercy and forgiveness. It is by the Qur’aan that hearts and homes are built, and they are sustained and enveloped by goodness and blessings. The shayaateen leave it and stay away from it, and Allaah elevates the capabilities of the Qaari’ (recitor/memoriser of Qur’aan) in this world and in the Hereafter.
The People of Qur’aan hope for a trade that will never perish
The people of Qur’aan who live with it by their hearts and souls, without desiring to attain by it the vanities of this temporary life – they hope for a trade and a gain that that will never perish. Rather Allaah has bore witness to their righteousness. He (subhaanahu wa ta’aala) has said,
“Verily, those who recite the Book of Allah (this Quran), and perform As-Salat, and spend (in charity) out of what We have provided for them, secretly and openly, hope for a (sure) trade-gain that will never perish. That He may pay them their wages in full, and increase them, out of His Grace. Verily! He is OftForgiving, Most Ready to appreciate.”
Qataadah (radhi’Allaahu ‘anhu) used to say whenever he read this verse: “This is the verse of the Qurraa’ (recitors).”  – and that is because of what it confirms for them from great reward and multiplied thawaab, and they do not take pleasure in just abundant reward, but rather Allaah increases them in honour and virtue. Al-Qurtubi said: “This increase is intercession in the Hereafter.” 
We cannot do without the Book of Allaah ‘azza wa jall
Ibn ‘Abdil-Barr said, “The Qur’aan is the foundation of knowledge, so whoever memorised it before his coming of age (i.e. puberty), then he went along to study whatever would aid his understanding of it from language, then that would be a great help for him in attaining his objective from it (i.e. knowledge).” 
Indeed no muslim can do without the Book of Allaah – ever. For the faqeeh (scholar) uses its verses to derive evidences, the one who teaches people ‘Aqeedah (creed) requires every verse in the Book and the one who teaches them the Sunnan of Allaah in past nations also has a need towards the Book of Allaah.
So in a nutshell, the Qur’aan is the course and path for a complete life and no Muslim can ever without it, regardless of his condition or state.
 Tafseer Ibn Kathir (3/562)
 Tafseer al-Qurtubi (14/345)
 Saheeh Jaami bayaan al-’ilm wa fadhlihi (454)