What is the primary objective of building societies?

Building societies primarily aim to receive deposits from their members and lend money to them for property purchases, such as homes. This objective aligns with their role as financial institutions that focus on helping individuals finance their home ownership. Building societies are mutually owned, which means that they are owned by their members rather than shareholders. This structure emphasizes the goal of supporting their members to secure mortgages rather than maximizing profits for external shareholders.

The other options do not accurately reflect the core mission of building societies. While insurance coverage might be a service offered by some financial institutions, it is not the primary goal of building societies. Generating profits for shareholders contradicts the mutual ownership model of building societies, which prioritizes member benefits over shareholder returns. Lastly, managing investments on behalf of clients is more characteristic of investment firms or asset management companies rather than the specific objectives of building societies.