My guess would be it has a lot to with uncertainty regarding financial security.
These players have families and mouths to feed at home, just like anyone else. They have usually come from poor backgrounds, and - without being disrespectful - usually haven't obtained any sort of significant education which would allow them to explore different career paths after retirement.
Once they hang up their boots their only choices are to either sit and chat on TV channels every now and then, or try to look for some coaching deal. If they coach within Pakistan, there is no real financial gain there and likewise, if they sit on Pakistani news channels, you aren't really earning much either. Just look at the likes of how Mohammad Yousuf and co. ended up.
Unless you are a superstar player - the likes of Imran, Wasim and Waqar - after retirement, due to the lack of any real Players Association or retirement plans in Pakistani cricket, you really do not have much financial support or backing. The likes of Mushtaq Ahmed, Saqi & Azhar Mahmood were smart to get out, and move to England when they did. In doing so they secured pretty good coaching as well as county cricket opportunities.
However, as sad and harsh as it may sound, for the majority of players, once they retire, they are likely to have considerable financial struggles due to the lack of any significant income, and on top of that, you add the fact that they lose all the attention & respect which they have grown accustomed to receiving.
Doesn't sound like something anyone would rush towards. Specially someone who has had it pretty rough for the first 20-30 years of their lives and have only really been earning a significant income for 5-10 years, like majority of these players have.
The PSL (and other leagues around the world) could help resolve this issue going forward, however, even that is not a concrete solution to the problem. Players may feel more comfortable retiring from international cricket, since they know they can earn some good money playing for these leagues around the world, however, for a lot of players this wont be an option either.
At the end of the day - cash is king.
It can be many other reasons but not financial for sure - I can explain why.
First, there is no limit of how much you can earn - PAK players can point finger to Indian players - but then players like Hulk is paid $4mn/month in China or some of the wage figures in EPL, MLB, NBA or NFL are astronomically high. This type of comparison is moot - you can compare with only purchasing parity of your market.
Why not financial to prolong their career - because it's not the average players that earns $20K in whole year are lingering with their retirement. Rather, it's the established stars that has contacts all over the place after more than a decade enjoying the stardom are doing this in the name of serving the country.
I gave a rough estimate long back of how much a PAK player is taking home annually - even if I take an average player (not MoHa or Sarfu who are in Cat A & regular for 3 formats), roughly this is what a player is earning every year (PKRp)
PCB central contract - 2.5mn
Match fee & others (allowance at tours, bonus, price money..) - 2.5mn
Club/FC match fee & contracts 2.0mn
Endorsement share from individual & PCB - 2.0mn
Other private leagues/tournaments - 1.0mn
That's about 10mn/year - more or less if I take a fringe player like Hasan Ali or Imad should earn in a year at least.
Now a career is around 20 years starting at 18 at FC level & finishing at 38 even if I take a retirement from FC/domestics at that age. If I take just 50% (considering that at 19 he won't earn that much) - we are talking about 100mn PAK rupee by the age of 38. We should also consider that these players are insured from PCB/FC/Club teams for their treatment, accommodation, travelling, food & kits; therefore their earning is almost left intact.
If I take 35% out as tax, still someone like Nawaz 18 years later should earn at least 75mn from his career. Besides, these players are earning this money at their early age - they are crore pati before the age of an engineer or doctor even starts earning.
Unless they blow their fortune behind cheap entertainment & rather invest that money to safest of assets (say real state), by the age of 40, they should own at least 5 apartments at downtown Lahore, Karachi or Islamabad earning close to half a million per month just from rent with the asset value increasing by every hour. They have star power from which these people can invest in assets that enhanced by their brand - restaurants, departmental stores, food brands etc.
This is I am talking for fringe players like Anwar Ali, Nawaz or Imad or Hasan Ali - players who'll be dropped any how. If I take it to our target group - Misbah, YK, MoHa, Miandad .... this figure will be multiplied by at least 5 & often, these people are employed in some capacity for their cricket career. Besides, most of these players are corporate employe in PAK domestic system - Banks & other Corporates, which ensures them a pension & gratuity. Like Butt is a VP at NBL; MoHa is at a higher position at SSGC ....
Of course, people'll argue that Kobe Bryant still earning $25mn for his last year playing 10% of matches - but that can't be standard. Money never becomes too much - if you think that every year you need to change your BMW then this logic of financial security applies. But, for a very secured & dignified life with family & kids, players like Misbah, YK, MoHa or Ajmal doesn't need to do this.
I hear lot about the income of PAK players, which is a bit bluffing to me - compared to Eco social status of the society, the economics of the game (cricket is not soccer or Golf or tennis) & the performance of these players - actually top tier of PAK players earn too much - if I compare it with Hasan Sardar, Shahbaz or Sohail Abbas - the likes of MoHa or Malik or Misbah or YK or Amir or Afridi should be shamed enough to leave it silently.
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