Mobile phone dependence, internet credit use, and subjective well-being.

The widespread adoption of smartphones and the expansion of digital consumer finance have drawn research attention to their links with individual well-being. While separate strands of literature have examined mobile device usage and digital financial behaviors in relation to life satisfaction, few studies have examined whether excessive mobile dependence is indirectly associated with subjective well-being via financial channels. Using data from the 2021 China Household Finance Survey (CHFS), this study constructs a moderated mediation framework to investigate this indirect pathway and its moderation by educational attainment. Results show that mobile phone dependence is negatively associated with subjective well-being, and that internet credit use statistically accounts for a portion of this association. The mediation is more pronounced among individuals with higher educational levels, and the negative association is concentrated among those with low-risk preference and low-risk asset holdings. These findings offer empirical evidence for research on digital behaviors and well-being and highlight the need for differentiated regulatory approaches that account for variations in educational and financial risk profiles.