Study: Economics of Security
Date: February 1998

See comment below.

PasswordResearch.com Comment:
People sometimes quote this Forrester Research report as saying that $200/year per user is spent on password management.

What this report actually says is "Once the [smart] card systems are in place, a 20,000-employee company will save $4 million in lower help desk costs, and employees will be freed from password purgatory." Later in this report they suggest this $4,401,000 cost savings will occur by reducing the help desk staff by 40% (80 people).