Researchers say that a primary function of the brain is to make sound decisions, and, for that, it needs easy access to useful information. Gotta keep things clean. The default dust-buster approach results in "active forgetting." One type of this process is the "intrinsic [forgetting]" variety.
Basically, research indicates that when new neurons are formed by new memories, they can overlap with neurons holding older memories and make it difficult — in some cases impossible — to retrieve all of an older memory.
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This is thought to explain why children are prone to forget things. Their constant neuron generation is overwriting old memories. We put a premium on an iron-clad, detailed memory but science is beginning to show our brain's mission is to not remember everything, only holding on to what's important. It's constantly in spring cleaning mode. Maybe a little overzealous at times, but it's doing its best, and don't you forget it.