First – what does it mean 'to fear the Lord?' To fear God is absolute reverence and awe for an Almighty God, the Creator of all things.
If we don't have that type of fear of God, means we really don't know of His holiness and our relationship with Him is not as it should be.
Second – what of all other fears (of spiders, snakes, failure, injury, illness, loneliness, or even death)? Those are good, they help to protect us.
Third – as we gain an understanding of fear, we should not overlook the need to help our kids to also appreciate it – not to stop them but to guide them to do what they need to do, when they need to (pursue this if you haven't).