Security: The "cheap" that might be expensive?

The "cheap" that might be expensive? Password security implemented by juniors "smells" bad?

Study shows programmers will take the easy way out and not implement proper password security | ZDNet

Quoting:
"Of the 260 developers, only 43 took up the job, which involved using technologies such as Java, JSF, Hibernate, and PostgreSQL to create the user registration component.

Of the 43, academics paid half of the group with €100, and the other half with €200, to determine if higher pay made a difference in the implementation of password security features.

Further, they divided the developer group a second time, prompting half of the developers to store passwords in a secure manner, and leaving the other half to store passwords in their preferred method --hence forming four quarters of developers paid €100 and prompted to use a secure password storage method (P100), developers paid €200 and prompted to use a secure password storage method (P200), devs paid €100 but not prompted for password security (N100), and those paid €200 but not prompted for password security (N200)."
(...)
"Of the secure password storage systems developers chose to implement for this study, only the last two, PBKDF2 and Bcrypt, are considered secure.

8 - Base64
10 - MD5
1 - SHA-1
3 - 3DES
3 - AES
5 - SHA-256
1 - HMAC/SHA1
5 - PBKDF2
7 - Bcrypt"